FILE PHOTO: The online marketplace has tied up with a private bank to introduce an automated, API-based real-time refund transfer system based on IMPS technology.NEW DELHI: Instant refund seem to be the new criterion in customer service in e-commerce industry. Close on the heels of Flipkart launching same-day refund facility, its arch rival Snapdeal has now announced that it will offer customers refund within one hour of receiving the returned product.

The online marketplace has tied up with a private bank to introduce an automated, API-based real-time refund transfer system based on IMPS technology.

According to the company, the instant refund will be done using Immediate Payments System (IMPS) transfers, a facility provided by banks across the country. The high-capacity IMPS real-time integration will allow customers to receive their refund within 1 hour of the product being returned. All customers using the Cash On Delivery (CoD) facility will have access to IMPS 24/7, including on holidays.

Transactions on IMPS can be accessed and initiated across different channels like smartphones and PCs.

Earlier this year, Snapdeal and GoJavas announced the launch of a service called '90 minutes reverse pick-ups'. With this, Snapdeal customers wishing to return/ replace their online orders are reached within 90 minutes of intimation.